Posted on Nov 8, 2021
Biden Shutting Down Line 5 Pipeline Could Send Gas Prices Surging
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Its not about our oil reserves if we aren't using them. This was one of the things President Biden wanted to do was lessen our dependence on our reserve and import more. OPEC is the real reason prices are soaring. The Trump administration implored the use of our stockpiles which kept prices low.
Biden Shutting Down Line 5 Pipeline Could Send Gas Prices Surging
Posted from msn.com
Oil and Energy
Office of the President (POTUS)
Joe Biden
Posted 4 y ago
Responses: 2
Stockpiles won't keep prices low. Eventually, the stockpiles run out and the higher prices will return. Alternatively, when they get replenished, that additional buying demand will also cause higher prices to return. The stockpiles only provide temporary relief, so using those reserves is only a short-term patch against the bigger market forces.
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Economics 101, Supply and Demand. We cut off our sources and are demanding more from offshore sources. Basic Capitalism says raise the price.
https://www.cnbc.com/2021/10/13/russia-putin.html
https://www.cnbc.com/2021/10/13/russia-putin.html
$100 oil is 'quite possible,' Russia's Putin says
Russian President Vladimir Putin said Wednesday that oil prices could well reach $100 per barrel as demand for all energy commodities grows.
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